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Energy Think Tank- the African Centre for Energy Policy (ACEP) is advocating the need for a comprehensive and sustainable law that will govern mineral revenue management in Ghana.
ACEP says the legal framework on resource governance when operational and activated would go a long way to co-ordinate and guarantee government’s action on mineral revenue management.
The Energy Think said this requires addressing issues regarding establishing a strategy and guiding policies that cover all the necessary processes of resource management coupled with a compressive framework rules and institutions directed by this strategy.
Speaking at a stakeholder’s forum in Accra, Benjamin Boakye, the Executive Director of ACEP stated that “There is no guarantee that rules will be followed or capable institutions will work for the benefit of the country. Therefore strong accountability is required.
This is often problematic in resource extraction situations where actions are easily concealed. Failure to hold those within government to account is too often the missing link in otherwise well-organized systems of resource management.
We recognize that countries with non-renewable resource wealth face both an opportunity and a challenge, when used well, these resources can create greater prosperity for current and future generations; when used poorly, or squandered, they can cause economic instability, social conflict and lasting environmental damage.”
The Executive Director of ACEP further stated that “It is no more news that Ghana as a country has been mining for well over a century and proceeds from these minerals have been the backbone of the economy contributing billions of dollars in revenue proceeds from exports, investments, taxes among others because the oil and gas sector for instance, is credited with an excess of US$4 billion dollars in proceeds which do not match those of the minerals sector with inflows in 2016 of up to US$ 5.1”
He contended that: “The concept of good governance of natural resources is complex and detailed, it evolves, but not limited to, resource and fiscal management principles, interwoven with transparency initiatives at every stage of the extractive decision chain; this explains why a multi sector approach such as this is adopted.”
Mrs. Georgette Sakyi-Addo, the Director of Women in Mining who took part in the forum in her delivery said there was the need for government to hold in high esteem the developmental projects and the empowerment of the youth in communities where mining is done in order to stimulate socio-economic activity and spur development.
Source: Adovor Nutifafa